Atlassian’s (TEAM) “Outperform” Rating Reaffirmed at William Blair

Atlassian (NASDAQ:TEAM)‘s stock had its “outperform” rating reaffirmed by analysts at William Blair in a research report issued on Friday,RTT News reports.

Other analysts have also issued research reports about the company. Mizuho lifted their price objective on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday. Scotiabank increased their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday. Piper Sandler boosted their target price on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. Macquarie initiated coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target on the stock. Finally, KeyCorp lifted their price target on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.05.

Atlassian Stock Up 15.9 %

TEAM stock traded up $42.39 during midday trading on Friday, hitting $309.34. The company’s stock had a trading volume of 4,829,578 shares, compared to its average volume of 2,004,641. The firm’s 50-day moving average is $259.32 and its 200-day moving average is $206.76. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 12 month low of $135.29 and a 12 month high of $324.37. The company has a market cap of $80.56 billion, a PE ratio of -203.70 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. On average, equities research analysts forecast that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 785 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $240.00, for a total value of $188,400.00. Following the completion of the sale, the chief accounting officer now directly owns 57,938 shares in the company, valued at $13,905,120. This trade represents a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the transaction, the director now directly owns 333,816 shares of the company’s stock, valued at approximately $90,340,624.08. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock worth $65,313,573 in the last quarter. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its position in Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares during the period. State Street Corp increased its holdings in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares during the period. JPMorgan Chase & Co. lifted its holdings in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares during the period. FMR LLC boosted its position in Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after acquiring an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Atlassian by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after acquiring an additional 57,911 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.